Planning for Worcester’s Future

John McGrail

Being a developer involves more than purchasing, renovating and managing properties. A lot of planning goes into creating successful developments. One of MG2’s strengths lies in planning, and that is reflected in the master plan we developed for Worcester’s Grid District. 

Worcester has been poised for growth for years. The city recognized it with its master plan for the Theater District and for the overall revitalization of the Downtown., MG2 had previously amassed 510 residential units, 300 parking spaces and approximately 60,000 square feet of retail space (with the potential to develop an additional 350,000 square feet.) Maximizing the potential of this investment requires significant planning. Through this master plan, the Grid District marries the history of the buildings and location with a cool, trendy “live and play” atmosphere that appeals to Worcester’s large student and young professional population.

The Grid District consists of an eclectic mix of buildings that currently house students and local businesses, as well as a number of vacant parcels primed for potential downtown development opportunities. Our master plan targets underutilized retail spaces and bolsters those spaces in multiple phases to create a bustling economic presence in Downtown Worcester.

Historic restoration is another key feature for the Grid District. Replacing windows in character with historic condition, updating brick facades, improving lighting and restoring storefronts to their original glory are just a few elements detailed throughout the plan. While the integrity of these buildings are being preserved, residential units are being outfitted with the modern amenities that renters desire.

Creating a lively urban community is a unique opportunity MG2 is excited to bring to Worcester. With that in mind, we have planned for spaces that can be utilized as pop up retail, temporary event spaces and “third spaces” (the stop between work and home) areas, while also developing opportunities for converting alleys into community meeting areas.

The Grid District is more than residential buildings. Once complete, the results of the master plan will transform MG2’s space in downtown Worcester into a highly desirable place to work, live and play.

MG2 Completes Acquisition of Landmark Back Bay Residential Building

John McGrail

Last month, MG2 completed its acquisition of 223 Marlborough / 11 Exeter in Boston’s Back Bay for $9.1 million. The signature building consists of ten individual units, totaling 12,200 square feet and was originally constructed in 1900.

With entrances on both Marlborough and Exeter Streets, the building’s location on the sunny side of Marlborough makes it an ideal residential location. Residents of this building will be minutes from some of Boston’s most beautiful natural resources, Commonwealth Avenue Mall, the Public Garden and the Esplanade.   It is close to the desirable services and amenities of the Back Bay without sacrificing the tranquility that Marlborough Street is known for.

MG2 is currently planning to utilize its construction arm, Alaris Construction, to complete renovations on the building and units. Alaris allows MG2 to capitalize on cost savings as the firm’s highly specialized team continually delivers unparalleled work and has years of experience in historic renovations, as well as new construction.

Boston is experiencing an unprecedented building boom and the Back Bay continues to be a good investment. The neighborhood boasts some of Boston’s most sought-after properties and is definitely an area MG2 keeps a close focus on for investment opportunities.